Pop quiz for executors: what estate settlement task will take up most of your time, cause you the most aggravation, and return the smallest amount of cash to the estate coffers? Answer: liquidating the tangible personal property.
Of course, anyone who has ever served as an estate executor already knows this. To the uninitiated, let me describe the process: imagine living in the same house for a long, long time. Then imagine having to pack up and move; you have to clean out the house, the garage, the shed, and the basement. It’s a lot of work. Then imagine having to group items according to type, clean, tag and price everything, and then sell it. This “moving” job just doubled (or tripled) in magnitude.
So, what is my advice for executors? You don’t have time for all that; hire a professional to liquidate the personal property. A good liquidation company is worth every penny you pay them. The trick is to find a good liquidation company. Here’s a look at a few generally available options, and the “pros and cons” of each.
Before I start, let me offer some advice that could affect the outcome of your sale: Read More
Originally posted 2013-10-01 13:46:00.